Optically variable devices (OVDs) are in tremendous demand as optical indicators against the increasing threat of counterfeiting. Conventional OVDs are exposed to the danger of fraudulent replication with advances in printing technology and widespread copying methods of security features. Metasurfaces, two-dimensional arrays of subwavelength structures known as meta-atoms, have been nominated as a candidate for a new generation of OVDs as they exhibit exceptional behaviors that can provide a more robust solution for optical anti-counterfeiting. Unlike conventional OVDs, metasurface-driven OVDs (mOVDs) can contain multiple optical responses in a single device, making them difficult to reverse engineered. Well-known examples of mOVDs include ultrahigh-resolution structural color printing, various types of holography, and polarization encoding. In this review, we discuss the new generation of mOVDs. The fundamentals of plasmonic and dielectric metasurfaces are presented to explain how the optical responses of metasurfaces can be manipulated. Then, examples of monofunctional, tunable, and multifunctional mOVDs are discussed. We follow up with a discussion of the fabrication methods needed to realize these mOVDs, classified into prototyping and manufacturing techniques. Finally, we provide an outlook and classification of mOVDs with respect to their capacity and security level. We believe this newly proposed concept of OVDs may bring about a new era of optical anticounterfeit technology leveraging the novel concepts of nano-optics and nanotechnology.